Democrat and Chronicle: Kodak CEO Perez’ 2011 pay reduced

Eastman Kodak Co. CEO and chairman Antonio Perez saw his 2011 pay reduced leading up to the company’s Chapter 11 filing in January, according to the Rochester Democrat and Chronicle.

“For the 12 months leading up to Kodak filing for Chapter 11 bankruptcy protection, Perez received salary and cash bonuses totaling $1.47 million and $396,000 worth of stock,” writes reporter Matt Daneman. “During calendar 2010, the corresponding figures were $2 million in salary and bonuses and $1.7 million worth of stock.”

Co-president Philip Faraci received $817,000 in salary and bonuses — identical to what he got in 2010 — and $130,000 worth of stock, compared to no stock compensation in 2010; and co-president Laura Quatela received $580,000 in salary and bonuses and $93,000 worth of stock in the 12 months before Kodak’s filing for bankruptcy on Jan. 19.

Kodak earlier this month filed a motion with U.S. Bankruptcy Court seeking approval for a set of retention bonuses to be paid to executives deemed particularly important to keeping the company going. None of Kodak’s top officials, such as Perez, is eligible for those bonuses, according to the article

Kodak board elects Laura Quatela as president, alongside Philip Faraci

Laura Quatela, Kodak

Laura Quatela, Kodak

 Eastman Kodak Co., Rochester, N.Y., announced its board of directors has elected Laura Quatela as President, effective Jan. 1, 2012.  Quatela, 54, who is currently the company’s general counsel, will serve alongside Philip Faraci, who continues as President, a position he has held since September 2007. Both report to Antonio M. Perez, chairman and CEO.

“Laura’s election reflects her increasing role in the company, including the strategic importance of the intellectual property business,” says Perez.

Additionally, Patrick Sheller, the company’s deputy general counsel, Corporate Secretary and chief compliance officer, will succeed Quatela as General Counsel. As General Counsel, he will report to Perez and will continue to serve as Secretary to the board of directors.

In other Kodak news, the company agreed to sell its Eastman Gelatine Corp. business to Rousselot, part of the Vion Food Group. Financial details were not disclosed. Subject to customary closing conditions, the transaction is expected to close within 30 days. About 95 Eastman Gel employees associated with the business will continue with the business following the closing. Included in the sale is 575,000 square foot of production space in Peabody, Mass.

Eastman Gel was successfully managing the transition of the photographic market by increasingly expanding its sales into non-photographic categories, such as the pharmaceutical, edible protein and food/confectionary categories, the company said.

“Eastman Gelatine is a business that is well-positioned in this industry,” says Brad W. Kruchten, president, Film, Photofinishing and Entertainment Group, and Kodak Senior Vice President. “This sale is another step in our value creation program for our shareholders and enhances Kodak’s financial position.

Antonio Perez appointed to the President’s Council on Jobs and Competitiveness

U.S. President Barack Obama appointed Antonio Perez, chairman and CEO of Eastman Kodak Co., as a member of the President’s Council on Jobs and Competitiveness. Several other business leaders, such as A.G. Lafley CEO of Procter & Gamble, Kenneth I. Chenault, CEO of American Express Co., and Ellen Kullman CEO of DuPont, were also appointed.

In his State of the Union address, President Obama discussed the need to out-innovate, out-educate, and out-build our global competitors in order to win the future.  The President’s Council on Jobs and Competitiveness will focus on carrying out these goals by finding new ways to promote growth through investments in American business to equip workers with the skills they need to succeed, encourage the private sector to hire and invest in American competitiveness, and attract top jobs and businesses right here in the United States.

The Council on Jobs and Competitiveness is chaired by Jeffrey Immelt, CEO and Chairman of General Electric.  In addition, Ursula Burns, Eric Lander, and James McNerney will serve as ex-officio members.  More members of the council will be announced at a later date.

Kodak amends employment agreement for CEO Antonio M. Perez

Eastman Kodak Co., Rochester N.Y., announced its Board of Directors amended the company’s employment agreement with Chairman and Chief Executive Officer Antonio M. Perez in a manner that reinforces the mutual intent for Perez to remain in his current position with the company through Dec. 31, 2013. Perez’s employment agreement with the company does not have an expiration date, but includes terms which are scheduled to expire in December 2010. Details of the amended agreement were filed today with the U.S. Securities and Exchange Commission in a Form 8-K.

“Antonio has led Kodak through a historic transformation that has created powerful new digital businesses along with a solid balance sheet,” said Richard Braddock, presiding director of Kodak’s Board. “He and his team are taking the right actions to guide Kodak through this very challenging economic climate and to position the company to emerge as a stronger enterprise. All of us on the Board are pleased to be able to demonstrate our confidence in Antonio by amending his employment agreement in a manner that encourages continued operational improvement and future value creation.”